DoP to consider foreign consultants to set up Post Bank of India

Sept 12: The Department of Posts has shortlisted five overseas consultancy firms for consideration of their proposals for setting up the Post Bank of India. It should be noted that Post Bank of India(PBI) is a project taken up by Indian postal department to provide its customers banking services, especially those who are residing in rural areas. The Department of Posts has sent request of proposal (RFP) to these five shortlisted firms. The firms are Ernst & Young, McKinsey & Co, Accenture Services, Boston Consulting Group and KPMG Advisory Services. The consultancy firms will be made a part of an assignment which focuses on the formation of PBI through the Detailed Project Report (DPR), determines the financial feasibility of PBI, its organization structure and the relationship of PBI with Post Office Savings Bank. It is to be noted that the Post Bank of India project will be a source of additional income for the postal department apart from being a means of financial inclusion.